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The major use of asphalt is in construction of road where it is usually used as the glue or binder mixed with different aggregate sizes to form asphalt concrete. Its other uses are for bituminous waterproofing products, including production of roofing felt and for sealing.fiat roofs. The current population increase and the growth of living standards globally have led to increasing demand for asphalt products. Competition certainly occurs among producers in the industry as demand increases. Competition in the market is influenced by prices which requires new measures and cost analysis on production costs. Therefore, cost evaluation is very significant in mining activities. In this study, variables involved in the production of asphalt products were examined and evaluated for their influence on the total cost of asphalt products based on two selected quarries (Quarry A and B). Based on the data collected from the study areas, it was found that the total operating expenses for producing 20 tons of wearing course of asphalt at Quarry A was higher than that of Quarry B by N 101,758.125, while its total selling price was found to be lower by N 50,000. Thus, the net profit of Quarry A is less than that of Quarry B by N 151,758.125. On the basis of the cost evaluation of asphalt products, the main factors driving costs have been analyzed, and their influences on the cost have been established. The study indicated that cost analysis is vital in providing information on changes in production costs.
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